Legislator Rodrigo Ayala considers that the use of Bitcoin in the country will be optional. Deputy Elisa Rosales denied that the adoption of the cryptocurrency would replace the use of the US dollar.
El Salvador’s President Nayib Bukele recently introduced a bill for the “express” approval for Bitcoin (BTC) as legal tender. Since 56 of the 84 legislators in the chamber belong to the New Ideas (NI) ruling party, the adoption of cryptocurrency would start faster.
Several deputies have already spoken in favor of the initiative while others support BTC through Twitter. One of the first to add an image with “laser eyes” to his profile was the president of the Assembly, Ernesto Castro. He would lead the discussions on Bitcoin in the legislative headquarters.
Other deputies, including Rubén Flores, Caleb Navarro and William Soriano, followed Castro in his support of the cryptocurrency. Soriano stressed that “millennials have taken over the Presidency and Congress of El Salvador” so the country will always be tied to BTC.
Regarding the implications of a nationwide adoption of Bitcoin, Congressman Rodrigo Ayala agreed. Although he does not yet know about Bukele’s proposal, he believes that the cryptocurrency would solve some financial problems that currently exist.
“Bitcoin can serve as a basis for future credit. As it does not need to have a credit record, this solves many problems. Of course, it will be optional rather than imposed. Although we still do not know the proposal, we are anxious. As for Bitcoin, the transfer is much more direct,” said the legislator.
Congresswoman Elisa Rosales also voted in favor of Bitcoin as legal tender. The deputy believes that Bukele’s announcement would put El Salvador in the technological “vanguard.” She also denied that such an adoption would replace the use of the US dollar in the country.
Various Personalities Oppose the Legalization of Bitcoin in El Salvador
Various voices are against the bill that President Nayib Bukele introduced for the legalization of Bitcoin. For example, economist Luis Membreño believes that transactions on the Bitcoin network leave no “traces”.
“When (money) passes through the financial system, it leaves a trail and all money laundering activities are under control. However, we lose that when it happens through cryptocurrencies, as it can encourage more money laundering, drug trafficking, and extortion,” said Membreño. The official is unaware of the operation of the distributed ledgers, where each transaction is publicly recorded on the blockchain.
The also economist Manuel Hinds is against the use of Bitcoin as legal tender. The academic considers that there are only two possibilities: the use of BTC as a means of payment or as a national currency.
“The use of Bitcoin as a means of payment is nothing to alarm. However, its use as the national currency would be crazy,” said Hinds, according to local newspaper El Salvador.
This is just the beginning of the adoption of BTC as legal tender in El Salvador. Nobody knows how long legislators will hold the debate in Congress or if they will have to modify Bukele’s proposal.
By Alexander Salazar